9 Jan 2017 17:00
This announcement contains inside information
CARIBBEAN INVESTMENT HOLDINGS LIMITED ANNOUNCES WIN IN U.S. JUDICIAL ACTION
Belize City, Belize, January 9, 2017 -- Caribbean Investment Holdings Limited (London - AIM: CIHL; Bermuda - CIHL)
Caribbean Investment Holdings Limited (formally known as BCB Holdings Limited) and The Belize Bank Limited (collectively, "Caribbean Investment Holdings") have achieved a win in a lengthy process to achieve judicial recognition in the United States of an international arbitration award rendered in London, England in August 2009 against the Government of Belize ("GOB").
Caribbean Investment Holdings commenced proceedings in Washington, D.C. to enforce the London Court of International Arbitration ("LCIA") award in July 2014. The U.S. District Court granted enforcement of the award in favor of Caribbean Investment Holdings and rejected all of GOB's challenges to the LCIA award in a decision dated June 24, 2015 and issued a judgment dated July 1, 2015. GOB appealed that decision to the U.S. Court of Appeals for D. C. Circuit. In a decision dated May 13, 2016, the D.C. Circuit affirmed the judgment in favor of Caribbean Investment Holdings and rejected all of GOB's arguments on appeal. GOB then sought review by the United States Supreme Court. Today, the U.S. Supreme Court announced that it had denied the Government of Belize's petition for certiorari, rendering the May 2015 judgment in favor of Caribbean Investment Holdings final and not subject to further judicial review.
This victory clears the way for Caribbean Investment Holdings to collect on the judgment against GOB. That judgment, including interest, is currently worth approximately U.S.$ 27.5 million.
For further information contact:
Caribbean Investment Holdings Limited
UK +44 (0)207 248 6700
Belize +501 227 7178
Cenkos Securities plc
Nicholas Wells +44 (0)20 739 8920
Note: This and other press releases are available at the Company's web site: http://www.cihltd.co.
Background Information
Caribbean Investment Holdings Limited (CIHL) is a parent holding company with no independent business operations or assets other than its investments in its subsidiaries, intercompany balances and holdings of cash and cash equivalents. CIHL's businesses are conducted through its subsidiaries. The Belize Bank Limited (BBL) is incorporated and based in Belize and focuses on the provision of financial services and lending to domestic clients. Belize Bank International Limited is incorporated and based in Belize and focuses on the provision of financial services and lending to international clients. CIHL also owns an international corporate services business based in Belize, which operates as Belize Corporate Services Limited. Within Belize, BBL is the largest, full service commercial and retail banking operation with a head office in Belize City and eleven branches extended into each of the six districts of Belize. The principal operations of BBL are commercial lending, consumer lending, deposit taking and related banking activities.